8. The following information relates to the questions shown below. Barbados has prepared the following standard cost information for one unit of Product Zeta. Direct materials 4kg @ $10/kg $40.00 Direct labour 2 hours @ $4/hour $8.00 Fixed overheads 3 hours @ $2.50 $7.50 The fixed overheads are based on a budgeted expenditure of $75 000 and budgeted activity of 30 000 hours. Actual results for the period were recorded as follows: Production Materials - 33 600 kg Labour - 16 500 hours Fixed overheads 9 000 units $336 000 $68 500 $70 000 (a) The direct material price and usage variances are: Material price Material usage $ 24 000 (F) 24 000 (U) A B 24 000 (6) 24 000(0) (b) The direct labour rate and efficiency variances are: Labour efficiency B Labour rate $ 6 000 (F) 6 000 (U) 2 500 (U) 2 500 (5) 2 500 (U) 2 500 (F) 6 000 (F) 6 000 (0) D (c) The total fixed production overhead variance is: A B D $5 000 (U) $5 000 (F) $2 500 (U) $2 500 (F)